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Price Elasticity of Demand
 
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How is the demand for health care different than the demand of other consumer goods, like food for example? Sources: http://www.yaleruddcenter.org/resources/upload/docs/what/economics/FoodPricesElasticity_AJPH_2.10.pdf http://www.mackinac.org/1247 http://oheschools.org/ohech2pg7a.html Paul Krugman Microeconomics Second Edition Clip art Images http://www.unf.edu/ http://www.facebook.com/pages/UNF-Honors-Program/249964268159
Views: 161689 DeSpentDatMoney2
Elasticity and the Total Revenue Test- Micro 2.9
 
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Why don't gas stations have sales? I explain elasticity of demand and the differnce between inelastic and elastic. I also cover the total revenue test and give you a little trick to remember it. Thanks for watching. Please subscribe. Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 1240639 Jacob Clifford
Elastic vs  Inelastic Demand
 
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This video discusses the difference between inelastic and elastic demand, and how to determine whether demand for a good is elastic or inelastic based on its Price Elasticity of Demand. When the Price Elasticity of Demand for a good is greater than one, this means that demand for the good is elastic; consumers are very responsive to a change in the price of a good. When the Price Elasticity of Demand for a good is less than one, this means that demand for the good is inelastic; consumers are not very responsive to a change in the price of a good. For example, if a 20% increase in the price of gasoline only led to a led to a 2% decrease in the quantity of gasoline demanded, the price elasticity of demand would be 0.1, which is less than one and implies that demand for gasoline is inelastic (consumers aren't that sensitive to a change in the price). Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like Edspira on Facebook, visit https://www.facebook.com/Edspira To sign up for the newsletter, visit http://Edspira.com/register-for-newsletter Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin To follow Michael on Facebook, visit https://www.facebook.com/Prof.Michael.McLaughlin
Views: 14099 Edspira
Calculating the Elasticity of Demand
 
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Elasticity of demand is equal to the percentage change of quantity demanded divided by percentage change in price. In this video, we go over specific terminology and notation, including how to use the midpoint formula. We apply elasticity of demand to the war on drugs, and more broadly to the prohibition of a good when it has an elastic demand. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1Qysho1 Next video: http://bit.ly/1S1yhuZ Help us caption & translate this video! http://amara.org/v/GCsY/
Price Elasticity of Demand
 
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Price elasticity of demand (PED) is introduced and explained in this revision video.
Views: 78583 tutor2u
Cross elasticity of demand | Elasticity | Microeconomics | Khan Academy
 
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Price of one good impacting quantity demanded of another Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/elasticity-tutorial/price-elasticity-tutorial/v/elasticity-of-supply?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/elasticity-tutorial/price-elasticity-tutorial/v/more-on-total-revenue-and-elasticity?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 398707 Khan Academy
Episode 16:  Elasticity of Demand
 
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We know that consumers will react to price changes, but how MUCH will they react? Knowing this is important to business owners and policymakers. "Episode 16: Elasticity of Demand" by Dr. Mary J. McGlasson is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
Views: 652620 mjmfoodie
Perfect inelasticity and perfect elasticity of demand | Microeconomics | Khan Academy
 
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Extreme examples of price elasticity of demand Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/elasticity-tutorial/price-elasticity-tutorial/v/constant-unit-elasticity?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/elasticity-tutorial/price-elasticity-tutorial/v/more-on-elasticity-of-demand?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 361224 Khan Academy
Elastic and Inelastic Demand Video, Economics
 
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For the Advanced Microeconomics Review please go to: http://bit.ly/2aj1txm "AP" is owned by the College Board which does not endorse this site or the above review. Study Questions: 1) In your own words describe what elastic and inelastic demand are. How are they similar? How are they different? 2) What are the characteristics of inelastic demand? In other words, why is it that some demand curves are more vertical? 3) Name three products that you think consumers have inelastic demand for. 4) If you were selling a product, would you want the consumers' demand to be more elastic or inelastic for it? Explain your reasoning. 5) Why was Mr. Freitchen's demand for "Magical Wonka Pills" more inelastic? 6) Evaluate: Who do you think would have more inelastic demand, the rich or the poor? Explain your reasoning. 7) What do you believe would happen more often: elastic demand or inelastic demand? 8) If you are very loyal to a particular brand of clothing, would your demand for it be more elastic or inelastic? Explain. For the AP Microeconomics Study Guide email me at: [email protected]
Views: 58356 AdvancedEcon
Elasticity of Labour Demand
 
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Elasticity of labour demand measures the responsiveness of demand when there is a change in the wage rate. This short topic video goes through the key factors affecting the elasticity of demand for labour.
Views: 10240 tutor2u
What is elasticity? Types of price elasticity of demand (Urdu/Hindi)
 
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This video tutorial will explains what is elasticity? Price elasticity of demand and types of elasticity of demand. Which includes elastic demand, inelastic demand, unitary elastic demand, perfectly elastic demand and perfectly inelastic demand. For more details log on to economicsguider.com.
Views: 166036 Economics Guider
A level Business Revision - Price Elasticity of Demand
 
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In this A level Business Studies revision video, we teach you about price elasticity of demand, one of the more challenging marketing topics studied in A level Business. Price elasticity can be used by marketing managers to assess whether price changes would increase the total revenue of a product. We investigate the difference between price elastic and price inelastic products. A level Business Studies Revision from TakingTheBiz. See more of our videos: https://www.youtube.com/channel/UCIlJ4pk3uzyWoeoBkGs0hxQ
Views: 10745 TakingTheBiz
Elasticity of Labour Demand
 
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Elasticity of Labour Demand. A video covering the Elasticity of the Labour Demand Curve Twitter: https://twitter.com/econplusdal Facebook: https://www.facebook.com/EconplusDal-1651992015061685/?ref=aymt_homepage_panel
Views: 25438 EconplusDal
price elasticity of demand (calculus)
 
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See my other videos if you need a review of taking derivatives or for other economics topics.
Views: 158137 1sportingclays
Elasticity of Demand
 
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How much does quantity demanded change when price changes? By a lot or by a little? Elasticity can help us understand this question. This video covers determinants of elasticity such as availability of substitutes, time horizon, classification of goods, nature of goods (is it a necessity or a luxury?), and the size of the purchase relative to the consumer’s budget. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1XMZi5P Next video: http://bit.ly/1Um3Obx Help us caption & translate this video! http://amara.org/v/GCsX/
Determinants of the Price Elasticity of Demand
 
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See more videos at: http://talkboard.com.au/ In this video, we look at what determines the slope of the demand curve for many different products.
Views: 5085 talkboard.com.au
Elastic versus Inelastic Demand
 
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An introductory explanation of elastic versus inelastic demand
Views: 1066 Brian DeLallo
Elastic and inelastic demand curve
 
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Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price. More precisely, it gives the percentage change in quantity demanded in response to a one percent change in price (ceteris paribus, i.e. holding constant all the other determinants of demand, such as income). It was devised by Alfred Marshall. Price elasticities are almost always negative, although analysts tend to ignore the sign even though this can lead to ambiguity. Only goods which do not conform to the law of demand, such as Veblen and Giffen goods, have a positive PED. In general, the demand for a good is said to be inelastic (or relatively inelastic) when the PED is less than one (in absolute value): that is, changes in price have a relatively small effect on the quantity of the good demanded. The demand for a good is said to be elastic (or relatively elastic) when its PED is greater than one (in absolute value): that is, changes in price have a relatively large effect on the quantity of a good demanded. Revenue is maximized when price is set so that the PED is exactly one. The PED of a good can also be used to predict the incidence (or "burden") of a tax on that good. Various research methods are used to determine price elasticity, including test markets, analysis of historical sales data and conjoint analysis. http://www.garguniversity.com Check out Ebook "Mind Math" from Dr. Garg https://www.amazon.com/MIND-MATH-Learn-Math-Fun-ebook/dp/B017QEIF18
Views: 26386 Garg University
Elastic Demand - Prices and Producer Revenue
 
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When the coefficient of price elasticity of demand is greater than one, then demand is said to be price elastic. One of the implications of this is that cutting prices can lead to an increase in total revenue because consumers are highly responsive to a price reduction. This short revision video takes students through a simple numerical example and a diagram to show the effects.​
Views: 2209 tutor2u
Income Elasticity of Demand
 
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This topic video looks at income elasticity of demand and in particular the distinction between normal and inferior goods. A Level Economics Revision Flashcards These superb packs of revision flashcards contain everything you need to cover for AQA & Edexcel A Level Economics A 20% discount is automatically applied if you order 4 or more flashcard packs in the same order! https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards CONNECT WITH TUTOR2U ECONOMICS Web: https://www.tutor2u.net/economics Twitter: tutor2u Economics: https://twitter.com/tutor2uEcon Twitter: Geoff Riley https://twitter.com/tutor2uGeoff Facebook: https://www.facebook.com/tutor2u Instagram: https://www.instagram.com/tutor2uecon/ MORE HELP WITH A LEVEL & IB ECONOMICS Online webinars: https://www.tutor2u.net/economics/events/students/online Revision Workshops: https://www.tutor2u.net/economics/events/students/face-to-face Study Notes on every Topic: https://www.tutor2u.net/economics/reference/study-notes Key topics: https://www.tutor2u.net/economics/topics - - - - - - - - - MORE ABOUT TUTOR2U ECONOMICS: Visit tutor2u Economics for thousands of free study notes, videos, quizzes and more: https://www.tutor2u.net/economics A Level Economics Revision Flashcards: https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards A Level Economics Example Top Grade Essays: https://www.tutor2u.net/economics/store/selections/exemplar-essays-for-a-level-economics
Views: 71940 tutor2u
Elasticity of Demand Coefficients- Micro 2.10 (Cross-Price and Income Elasticity)- AP Microeconomics
 
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In this video I explain elasticity of demand, elasticity of supply, cross-price elasticity, and income elasticity. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class. ACDC is Mr. Clifford's teaching philosophy: Active Learning Cooperative Learning Discovery Learning Community
Views: 423609 Jacob Clifford
Price of related products and demand | Microeconomics | Khan Academy
 
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How changes in the price of related goods can shift demand Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/change-in-expected-future-prices-and-demand?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/demand-curve-tutorial/v/law-of-demand?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 617655 Khan Academy
The Effects of a Per Unit Tax - Inelastic Demand
 
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This video lesson explains how a specific excise tax will affect the equilibrium price and quantity in the market for cigarettes. We will also explain how the tax burden is shared by both producers and consumers, and the portion of the tax born by consumers depends on the elasticity of demand for the product. Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 56057 Jason Welker
Elasticity of Supply
 
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When is a supply curve considered elastic? What are determinants of elasticity of supply? Let's compare Picasso paintings and toothpicks. Which has an elastic or inelastic supply? For which good could you increase production at a low cost? We also go over how to calculate the elasticity of supply, including using the midpoint formula. Microeconomics Course: http://bit.ly/20VablY Ask a question about the video: http://bit.ly/1XN1quo Next video: http://bit.ly/1oHDgpE Help us caption & translate this video! http://amara.org/v/GCsZ/
Price Elasticity of Demand - elastic.wmv
 
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An informal introduction to the concept of Price Elasticity in Demand - both on a supply and demand diagram and also as an equation for 'elastic' or 'price-sensitive' products.. From the website www.economicsrevealed.co.uk - teacher, lecturer and speaker Nick Langston-Able gives a brief explanation of the concept of PED, demonstrates the effects of an elastic demand curve and shows how to calculate PED.
Views: 4209 economicsrevealed
Cross Price Elasticity of Demand
 
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This topic video looks at cross price elasticity of demand and in particular the distinction between substitute and complementary products. A Level Economics Revision Flashcards These superb packs of revision flashcards contain everything you need to cover for AQA & Edexcel A Level Economics A 20% discount is automatically applied if you order 4 or more flashcard packs in the same order! https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards For more help with your A Level / IB Economics, visit tutor2u Economics http://www.tutor2u.net/economics If you find this topic video helpful, please SUBSCRIBE to our YouTube Channel For more help with Economics: Follow tutor2u Economics on Twitter: https://twitter.com/tutor2uEcon https://twitter.com/tutor2uGeoff - - - - - - - - - MORE ABOUT TUTOR2U ECONOMICS: Visit tutor2u Economics for thousands of free study notes, videos, quizzes and more: https://www.tutor2u.net/economics A Level Economics Revision Flashcards: https://www.tutor2u.net/economics/store/selections/alevel-economics-revision-flashcards A Level Economics Example Top Grade Essays: https://www.tutor2u.net/economics/store/selections/exemplar-essays-for-a-level-economics
Views: 46151 tutor2u
Determine Elasticity of Demand and Unit Elastic Price (Linear Demand)
 
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This video explains how to determine the elasticity of demand and the unit elasticity price. http://mathispower4u.com
Views: 7496 Mathispower4u
Market equilibrium | Supply, demand, and market equilibrium | Microeconomics | Khan Academy
 
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Equilibrium price and quantity for supply and demand Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/market-equilibrium-tutorial/v/changes-in-market-equilibrium?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/supply-demand-equilibrium/supply-curve-tutorial/v/long-term-supply-curve-1?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 851359 Khan Academy
Elasticity of Demand (Hindi)
 
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Full explanation of Price Elasticity of Demand
Views: 179648 Infotainment Arena
Micro 4.4 Elastic and Inelastic Range of Demand for Monopolies- ACDC Econ
 
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Mr. Clifford's 60 second explanation of how to identify the elastic and inelastic range of the demand curve for a monopoly. When MR is positive the demand is elastic and when it is negative the demand is inelastic. If you don't remember the total revenue test, watch that video first. Please keep in mind that these clips are not designed to teach you the key concepts. These videos are a review tool to help you better understand what you learned in class. ACDC is Mr. Clifford's teaching philosophy: Active Learning Cooperative Learning Discovery Learning Community
Views: 161177 Jacob Clifford
Cross-Price Elasticity
 
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This video introduces the cross-price elasticity of demand. This is important for determining if goods are complements or substitutes. Check out the next videos on: Income Elasticity Categories of Elasticity
Views: 27534 Bryan Buckley
Investopedia Video: Price Elasticity Of Demand
 
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Price elasticity of demand describes how changes in the cost of a product or service affect a company's revenue. For some products, a small change in price will dramatically influence how many units the customer will buy. In other cases, price movements have little effect on demand. Therefore, understanding the price elasticity of each offering is crucial to maximizing profit. Several factors can affect the price elasticity of products. For example, if substitute goods are readily available, the customer will immediately curtail purchases when the price rises. And if the good represents a major part of the buyer's total spending, he or she will be more likely to shop based on price. Understanding how consumers value a product can be vital for any company. Raising prices can be one of the easiest ways to boost profits, but only if consumers are willing to accept the added cost.
Views: 14346 Investopedia
How to calculate point price elasticity of demand
 
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This video goes over the method of calculating point price elasticity of demand and gives a few examples. Point price elasticity works by finding the exact elasticity measure at a specific point on the demand curve (for the case of price elasticity of demand). In order to do this calculation you need to know a little bit about calculus, namely how to calculate a derivative. But don't worry, it isn't that difficult and the video will show you how to do it. Elasticity measures focus on finding the responsiveness of one variable to another. It is a classic example of an applied derivative (or a derivative in action). More information on this topic can be found at http://www.freeeconhelp.com/2012/04/how-to-calculate-point-price-elasticity.html
Views: 174706 Free Econ Help
elasticity of demand in hindi
 
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above video is based upon the concept of the elasticity of demand, it also elaborate the range ,calculation,formula and graph of elastic and inelastic demand . ------------------------------------------------------------------------------------------------------------- The range of elasticity of demand is " zero -to- infinity ". Elasticity of demand are of 3 type :- 1. Perfectly elastic demand. 2. Perfectly inelastic demand. 3. Unit elasticity of demand. 1. Perfectly elastic demand ( equal to zero) :- A perfectly elastic demand curve is represented by a straight horizontal line and shows that the market demand for a product is directly tied to the price. In fact, the demand is infinite at a specific price. Thus, a change in price would eliminate all demand for the product. 2. Perfectly inelastic demand (equal to infinity ) :- Perfectly inelastic demand means that a consumer will buy a good or service regardless of the movement of price. In order for perfectly inelastic demand to exist, there can be no substitutes available. An example would be food for a starving man. Another example would be insulin to a diabetic. 3. Unit elasticity of demand :- Describes a supply or demand curve which is perfectly responsive to changes in price. That is, the quantity supplied or demanded changes according to the same percentage as the change in price. A curve with an elasticity of 1 is unit elastic. for taking the knowledge of the *formula ,*calculation, and the *graph of elasticity of demand (Perfectly elastic demand, Perfectly inelastic demand, Unit elasticity of demand. ) WATCH THE ABOVE VIDEO. ------------------------------------------------------------------------------------------------------------- for gaining better knowledge of micro-economics you can also watch : 1. " cardinal and ordinal approach " - https://youtu.be/zb8QzfOYAXQ 2. "inductive and deductive method in economics" - https://youtu.be/FTyOX9R5d5U 3. "stable and unstable equilibrium" - https://youtu.be/umbKTUdYCUY 4. "partial, general, static and dynamic equilibrium in economics" - https://youtu.be/xVKN9yoNtyA ON " study extent "
Views: 22283 Study Extent
Supply and Demand: Crash Course Economics #4
 
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In which Adriene Hill and Jacob Clifford teach you about one of the fundamental economic ideas, supply and demand. What is supply and demand? Well, you’ll have to watch the video to really understand it, but it’s kind of important for everything economically. Supply and demand sets prices, and indicates to manufacturers how much to produce. Also, it has a lot to do with strawberries. Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Jan Schmid, Simun Niclasen, Robert Kunz, Daniel Baulig, Jason A Saslow, Eric Kitchen, Christian, Beatrice Jin, Anna-Ester Volozh, Eric Knight, Elliot Beter, Jeffrey Thompson, Ian Dundore, Stephen Lawless, Today I Found Out, James Craver, Jessica Wode, Sandra Aft, Jacob Ash, SR Foxley, Christy Huddleston, Steve Marshall, Chris Peters Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 1653902 CrashCourse
Calculating and Interpreting Price Elasticity of Demand
 
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In this video lecture we define price elasticity of demand, learn how the PED coefficient can be calculated from a set of data, and interpret the results of our calculations. We will compare two goods, one for which demand is price inelastic and one for which demand is price elastic.
Views: 61987 Jason Welker
Pricing Analytics: Creating Linear & Power Demand Curves
 
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An introduction to the two most common types of demand curves (linear and power), which can be used to estimate the price for a product or service that maximizes profit margins. Includes hands-on real-world examples using Excel. Downloadable slides are available from SlideShare at http://goo.gl/SI22de
Views: 28019 Michael Lamont
How to Solve Elasticity Problems in Economics
 
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This video goes over the equation and some examples of solving price elasticity of demand problems in economics. More information is available at http://www.freeeconhelp.com/2011/05/how-to-solve-elasticities-problems-in.html or http://www.freeeconhelp.com/2011/08/using-midpoint-formula-to-solve.html Essentially an elasticity measure looks at the responsiveness of one variable to changes in the other. In this case we are focused on the two economic variables of quantity and price. The easiest way to think about elasticity is to imagine a rubber band. The force on the rubber band causes it to stretch in a similar manner that a price change causes people to buy more or less of a product. The measurement of the relationship between this cause and effect in practice is called elasticity. More information is available at http://www.freeeconhelp.com/2011/05/how-to-solve-elasticities-problems-in.html or http://www.freeeconhelp.com/2011/08/using-midpoint-formula-to-solve.html
Views: 359774 Free Econ Help
Taxes and perfectly elastic demand | Microeconomics | Khan Academy
 
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Who bears the burden for a tax on a good with perfectly elastic demand Watch the next lesson: https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/externalities-topic/v/negative-externalities?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Missed the previous lesson? https://www.khanacademy.org/economics-finance-domain/microeconomics/consumer-producer-surplus/deadweight-loss-tutorial/v/taxes-and-perfectly-inelastic-demand?utm_source=YT&utm_medium=Desc&utm_campaign=microeconomics Microeconomics on Khan Academy: Topics covered in a traditional college level introductory microeconomics course About Khan Academy: Khan Academy offers practice exercises, instructional videos, and a personalized learning dashboard that empower learners to study at their own pace in and outside of the classroom. We tackle math, science, computer programming, history, art history, economics, and more. Our math missions guide learners from kindergarten to calculus using state-of-the-art, adaptive technology that identifies strengths and learning gaps. We've also partnered with institutions like NASA, The Museum of Modern Art, The California Academy of Sciences, and MIT to offer specialized content. For free. For everyone. Forever. #YouCanLearnAnything Subscribe to Khan Academy's Microeconomics channel: https://www.youtube.com/channel/UC_6zQ54DjQJdLodwsxAsdZg Subscribe to Khan Academy: https://www.youtube.com/subscription_center?add_user=khanacademy
Views: 123628 Khan Academy
Marketing: Income Elasticity of Demand
 
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The concept of income elasticity of demand is introduced in this topic revision video.
Views: 31700 tutor2u
Economics - Elastic and Inelastic Demand
 
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Preview video for lesson plan in Economics on the elasticity of demand
Views: 5505 xMrScott
Price Elasticity of Demand
 
02:19
This is a simple calculation of PED using the following data: A product costs 25p and its price drops to 20p. Logically, and by the law of demand, as price goes down demand should increase. The quantity demanded increases from 200 units to 220 units. This means customers are buying more of the product. But how much more? Especially in consideration of the decrease in price. Price Elasticity of Demand measures the responsiveness of the change in quantity demanded relative to a change in price. As this problem works out to 0.5, we determine that demand for this product is inelastic. As a slight change in price leads to a less than proportionate change in quantity demanded.
Views: 623 Junaid Ahmed
Perfect competiton:  Demand curve for individual producer
 
01:29
In a perfectly competitive market the price of a product is determined by the interaction between the market demand for the product and the market supply of the product. The individual firms take this price as given. It is therefore a price taker. Its demand curve is therefore perfectly elastic (horisontal).
Views: 15624 lostmy1
MBACalculator.com - Price Elasticity Demand Calculator - PED
 
04:08
Price elasticity of demand is defined as the measure of responsiveness in the quantity demanded for a commodity as a result of change in price of the same commodity. It is a measure of how consumers react to a change in price. [1] In other words, it is percentage change in quantity demanded as per the percentage change in price of the same commodity. In economics and business studies, the price elasticity of demand (PED) is a measure of the sensitivity of quantity demanded to changes in price. It is measured as elasticity, that is it measures the relationship as the ratio of percentage changes between quantity demanded of a good and changes in its price. In simpler words, demand for a product can be said to be very inelastic if consumers will pay almost any price for the product, and very elastic if consumers will only pay a certain price, or a narrow range of prices, for the product. Inelastic demand means a producer can raise prices without much hurting demand for its product, and elastic demand means that consumers are sensitive to the price at which a product is sold and will not buy it if the price rises by what they consider too much. Drinking water is a good example of a good that has inelastic characteristics in that people will pay anything for it (high or low prices with relatively equivalent quantity demanded), so it is not elastic. On the other hand, demand for sugar is very elastic because as the price of sugar increases, there are many substitutions which consumers may switch to.
Views: 15594 mbacalculator
The Determinants of Price Elasticity of Demand
 
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In this second lesson on elasticity we'll outline the factors that affect the relative price elasticity of demand for a good, summarized by the useful acronym "SPLAT". Want to learn more about economics, or just be ready for an upcoming quiz, test or end of year exam? Jason Welker is available for tutoring, IB internal assessment and extended essay support, and other services to support economics students and teachers. Learn more here! http://econclassroom.com/?page_id=5870
Views: 21900 Jason Welker
Real World Elastic vs Inelastic Demand and how to Capitalize on it
 
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Taxes on Producers- Microeconomics 2.11 ACDC Econ
 
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I explain excise taxes any show what happens to consumer surplus, producer surplus, and deadweight loss as a result of a tax. Make sure to watch the section about tax incidence and who pays the majority of a tax.
Views: 605132 Jacob Clifford
Marginal Analysis, Roller Coasters, Elasticity, and Van Gogh: Crash Course Econ #18
 
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This week Jacob and Adriene teach you about marginal analysis, which you're using RIGHT NOW! The video is coming from inside the house! Or something. You'll learn how marginal analysis guides the decision making if cities, nations, companies, and amusement park enthusiasts. We'll also look at the idea of elasticity, and what people are willing to pay for certain stuff based on the supply. Why is a Van Gogh worth more than an OBEY poster? (hint: it's because they're still cranking out the OBEY posters, and Vincent is dead) All this and more on Crash Course Economics! *** Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Mark, Eric Kitchen, Jessica Wode, Jeffrey Thompson, Steve Marshall, Moritz Schmidt, Robert Kunz, Tim Curwick, Jason A Saslow, SR Foxley, Elliot Beter, Jacob Ash, Christian, Jan Schmid, Jirat, Christy Huddleston, Daniel Baulig, Chris Peters, Anna-Ester Volozh, Ian Dundore, Caleb Weeks -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
Views: 465783 CrashCourse